CALGARY – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) is pleased to announce the results of voting at the special meetings of the Kinder Morgan Canada Limited (“Kinder Morgan Canada”) (TSX: KML, KML.PR.A, KML.PR.C) holders of restricted voting shares and special voting shares and the holders of preferred shares.
At meetings held earlier today, Kinder Morgan Canada’s holders of restricted voting shares and special voting shares, voting together as a single class, and holders of preferred shares, voting together as a single class, voted to approve the previously announced plan of arrangement (the “Arrangement”) pursuant to which Pembina will acquire Kinder Morgan Canada and its businesses through the acquisition of all of the issued and outstanding shares of Kinder Morgan Canada and the Class B limited partnership units of Kinder Morgan Canada Limited Partnership, a wholly-owned subsidiary of Kinder Morgan Canada.
Also, today the Company received the final order from the Court of Queen’s Bench of Alberta approving the Arrangement. As previously announced, all material regulatory conditions necessary for completion of the Arrangement have been satisfied. Completion of the Arrangement remains subject to other customary conditions to closing, including the concurrent completion of the sale of the U.S. portion of the Cochin pipeline system by Kinder Morgan, Inc. to Pembina, and is expected to occur on or about December 16, 2019.
Calgary-based Pembina Pipeline Corporation is a leading transportation and midstream service provider that has been serving North America’s energy industry for 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently constructing a petrochemical facility to convert propane into polypropylene. Pembina’s integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina’s service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure solutions connecting global markets;
- Customers choose us first for reliable and value-added services;
- Investors receive sustainable industry-leading total returns;
- Employees say we are the ’employer of choice’ and value our safe, respectful, collaborative and fair work culture; and
- Communities welcome us and recognize the net positive impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.
Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.